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Monday, 14 September 2015

Smart Grid Communications Market Size, Share & Forecast To 2022

The Global smart grid communications market is expected to witness considerable growth over the next six years owing to high energy efficiency offered by smart grid Communications technology coupled with rising government investments. This technology offers efficient dispatch of power, proper grid discipline along with efficient scheduling which is projected to accentuate the smart grid Communications market growth.

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Smart grid concept has been widely adopted by various nations in order to address the electricity-based transmission and distribution infrastructure problems which are simultaneously driving the smart grid Communications market. Communications system forms the key component for smart grid infrastructure as the majority of smart grid function occurs on a real time basis.

These networks provide required infrastructure allowing utilities to manage devices from a central location. It also provide advanced power utilities through facilitating data management and two way Communications which is anticipated to trigger smart grid Communications market growth over the forecast period. Various technological advancement has led to the replacement of machine-to machine technology with usage of field-based sensors and wireless technologies for supporting Supervisory Control And Data Acquisition (SCADA) systems.

Smart grid Communications reduces the operational errors along with reducing carbon emissions which is expected to drive market growth. Slow response time provided by traditional switches along with rising energy consumption is projected to drive the smart grid Communications market over the next six years. However, lack of interoperability of standards along with high installation cost may hamper the market.

The smart grid Communications market can be classified on the basis of technology into wireless and wired Communications system. Wireless Communications systems are favored over wired systems owing to low infrastructural requirements along with high level of flexibility.

Owing to the availability of advanced technological infrastructure, North America is projected to be the dominant region for the smart grid Communications market. Asia Pacific is anticipated to be the emerging regions due to rising demand for smart grids.